Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 40.1% | 39.5% | 38.2% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 40.1% | 39.5% | 38.2% | ||||
| 35.5% |
| 37.5% |
| 39.9% |
| 40.8% |
| EBITDA margin % | 9.2% | 8% | 6% | 7.6% | 7.3% | 8.6% | 10.3% | 10.3% |
| EBIT margin % | 7.8% | 6% | 2.8% | 5.1% | 4.9% | 6.4% | 8.1% | 8% |
| PAT margin % | 3.4% | 2.5% | 0.1% | 1.7% | 1.9% | 2.4% | 3.6% | 3.7% |
| Working capital | ||||||||
| Receivable days | — | — | 108 | 78 | 58 | 66 | 75 | 82 |
| Inventory days | — | — | 186 | 171 | 182 | 189 | 214 | 215 |
| Payable days | — | — | 177 | 153 | 138 | 175 | 196 | 186 |
| NWC days | — | — | 116 | 96 | 102 | 79 | 92 | 110 |
| Leverage | ||||||||
| Current ratio | — | — | 1.15 | 1.09 | 1.06 | 1.02 | 1.1 | 1.1 |
| Debt to EBITDA | — | — | 6.45 | 3.85 | 3.69 | 3.45 | 2.92 | 3.57 |
| Debt to equity | — | — | 0.84 | 0.81 | 0.85 | 0.93 | 0.88 | 1.03 |
| Interest coverage | 2.3 | 1.7 | 0.8 | 1.6 | 1.7 | 1.7 | 2 | 2 |
| Asset turnover | — | — | 0.8 | 0.97 | 1.06 | 1 | 0.96 | 0.89 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0% | 1.7% | 2.1% | 2.4% | 3.4% | 3.3% |
| Return on capital employed % | — | — | 7% | 13.8% | 16.8% | 20.8% | 22.5% | 21.4% |
| Return on equity % | — | — | 0.1% | 4.7% | 6% | 7.5% | 10.5% | 10.4% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.